Foreclosures, Short Sales and Reductions Increasing in 1645 W. Ogden
I chattered about The Paramount Lofts at 1645 W. Ogden in the West Loop in December 2007. It was built in 2005/2006.
Some sellers were under stress then and several continue to be. Many of the units have seen large price reductions. Here’s one in short-sale:
GOT VIEW? AMAZING CHICAGO SKYLINE FROM FLOOR-2-CEILING WINDOWS LOOKING DIRECTLY E. AT THE SEARS TOWER*4TH FLR NR END UNIT W/BIG PRIV BALCONY*
PRE-FORECLOSURE-BANK ORDERED SHORT SALE REQUIRED*TOTALLY RENOVATED BY DEVELOPER*LIKE ‘NEW SELLER FORCED TO SELL*TONS OF HARDWOOD FLRS*IN UNIT WASHER/ DRYER*2 FULL BTHS*14 FT CEILINGS*PRKING INCLUDED*HUGE ROOF TOP DECK*FULL TIME DR MAN*BANK CONSIDERING ALL OFFERS!
Unit #410: 2 bedroom, 2 bath, 1200 square feet
- Sold in September 2006 for $311,800
- Was listed in December 2007 at $319,900
- Reduced
- Currently listed for $289,900 (parking included)
- Assessment of $357 a month
- Re/Max Professionals Select has the listing
Remember this one from December? It’s now in foreclosure.
Unit #340: 1 bedroom plus den, 962 square feet
- Sold in June 2006 for $233,800
- Was listed in December 2007 for $215,000 (parking included)
- For some reason it’s now on the market for $234,000 (parking included)
- Foreclosure price of $209,211
- Assessments of $256 a month
- Unit looks out onto the interior “courtyard”
- Old listing called it a “great investment property”
- Also was available to rent in December 2007 for $1550 a month
I guess it wasn’t a “great investment” after all.
This two bedroom has had a big price reduction since last December:
Unit #417: 2 bedroom, 2 bath, 1100 square feet
- Sold in April 2006 for $270,800
- Was listed in December 2007 for $419,900 (parking included)
- Reduced
- Now listed for $349,900 (includes one indoor heated parking spot)
- Assessments of $302 a month
- Coldwell Banker Honig-Bell has the listing
For unit #340 it says that the Foreclosure price of $209,211. Does that mean that is the banks rock bottom price they are willing to sell it for? Or do you think this unit will sell for less then the foreclosue price? Please someone help me out with this question. Thanks
I’ve been watching this building for awhile now, I looked at a tiny 1 br. I don’t think 340 has ever been occupied. Not sure what’s up with that courtyard. $150K? Sounds good to me, there is nothing over there.
For entry level buyers the sad reality of the bubble is that no longer can you get a place (in nice neighborhoods) for 150k although this was true just a couple of years ago. These days jr-1-bdrms start at around 190k. Eight years ago they were 100-120k.
It would be nice to stil buy property for $150,000ish. However, i dont think that it is ever going to be that low again for a decent 1 bed in a nice neighborhood. Thanks for the repies….however do you guys think this unit is a good buy at $210,000-$215,000 with parking. Or would you guys look else where and see if you can get a better deal else where….because it seems like the market isn’t getting any better. I would really love to hear what you think.
First time buyer (hopefully)
Thanks
Right. But since there was a bubble, the only way to measure the value is pre-bubble. Also, I am looking at a 2br/2ba that might go for 190. How can someone list a place on the market for 3 years at a crazy price? Guess what. If it hasn’t sold, its not worth that much.
Really a 2br 2ba for 190 in a good area…sounds like a deal. I was wondering if you were a real estate agent? If so jason can you email me your contact info. Thanks
No, I am not a real estate agent, I am a lawyer. But I finally found an agent who is honest and trustworthy. (OK, I can hear all the lawyer jokes now) Haha. 😉 Anyway, if you want to email me, I can give you her info. falco_esq@yahoo.com.
The area is not great, but it is okay for me.